African Startup Reown Aims to Revolutionize Vehicle History Data Collection
In the bustling landscape of African tech startups, one entrepreneur's journey stands out as an example of resilience and innovation. Ayodeji Audu, a former biochemistry graduate turned tech entrepreneur, is spearheading Reown, a startup focused on creating Africa's largest vehicle history database. This venture was born out of personal frustration when Audu discovered the inefficiencies in valuing vehicles for loans. Leveraging his experience from Swipe, a fintech company he co-founded earlier, Audu now aims to transform the automotive sector by collecting and utilizing vehicle data effectively. Despite challenges such as navigating bureaucratic hurdles and adapting to local mechanics' unstructured practices, Reown continues to innovate with solutions like garage management software tailored for the Nigerian market. The company also envisions expanding into electric vehicles (EVs), offering financing schemes and after-sales support through a mobile app. By unlocking the potential of vehicle history data, Reown seeks to enhance asset-backed lending, reduce car insurance costs, and monetize its extensive database.
Reown’s inception traces back to Ayodeji Audu's initial struggle in securing a loan using his vehicle as collateral. Dissatisfied with how banks assessed his car's value, Audu identified a critical gap in the market—a lack of reliable vehicle history data. To address this issue, he partnered with co-founders John Obi and Sesan Olaniyan to establish Reown in 2023. Initially, the team attempted to gather information from government agencies and mechanics but encountered significant obstacles. Government systems provided limited touchpoints for collecting accurate data upon vehicle entry into Nigeria, while mechanics operated manually, making it challenging to extract usable records. Recognizing the need for structured processes, Reown developed specialized garage management software designed specifically for the Nigerian context. This platform not only streamlined operations for mechanics but also served as a robust tool for capturing essential vehicle details.
The software addressed two core problems: operational inefficiency and communication gaps between mechanics and customers. Mechanics could log vehicle histories, generate invoices, schedule appointments, and receive service reminders. Meanwhile, customers gained visibility into repair progress, communicated directly with technicians, and rated their experiences. However, the system's effectiveness remained constrained to vehicles serviced at participating garages, limiting its reach. In 2023, Reown piloted its solution across Lagos Mainland, achieving notable traction before receiving an acquisition offer from a multinational corporation operating repair shops throughout Africa. Unfortunately, negotiations faltered due to differing visions for the company's future direction, forcing Reown to reevaluate its strategy.
Faced with financial constraints following the failed acquisition, Reown pivoted toward capitalizing on the growing electric vehicle (EV) market in Nigeria. Rising petrol prices have spurred interest in EVs, particularly among ride-hailing and delivery platforms. Reown modified its existing garage management software to accommodate these vehicles, leveraging their digital connectivity for enhanced data collection. Looking ahead, the startup plans to introduce a vehicle financing scheme targeting gig workers, managed via a dedicated mobile application. Beyond facilitating purchases, the app will assist drivers in locating nearby charging stations, connecting with qualified EV technicians, and accessing battery swap services. Additionally, Reown foresees long-term opportunities in establishing pricing benchmarks for used EV markets based on comprehensive vehicle history data.
By amassing detailed vehicle records, Reown envisions transformative applications across multiple sectors. For asset-backed lending, precise repair histories can provide financial institutions with confidence in determining accurate vehicle valuations amidst fluctuating exchange rates and arbitrary seller pricing. Similarly, improved data quality holds promise for reducing car insurance premiums, appealing to cautious drivers who currently perceive traditional policies as unnecessary or overly expensive. Finally, Reown intends to monetize its expansive dataset by offering API access to lenders, insurers, used car marketplaces, and other businesses reliant on dependable vehicle information. Although primarily dependent on used cars imported years after manufacture, known locally as "Tokunboh" vehicles, Reown remains optimistic about overcoming data scarcity challenges.
As Reown rebuilds post-acquisition setbacks, its focus remains firmly on refining product offerings. Earlier beta testing demonstrated promising results, with some garages willingly paying subscription fees for enhanced functionality. Despite ongoing efforts to meet customer demands fully, Ayodeji Audu remains steadfast in his vision. Inspired by cross-border hires reflecting shared regional challenges, Reown believes its solutions resonate beyond Nigeria's borders. With continued innovation and strategic partnerships, the startup aims to unlock untapped value within Africa's automotive ecosystem, positioning itself as a leader in vehicle history data utilization.